Key Benefits:
SUMMARY:
Pags.
LEGISLATIVE FUNCTION
LAW:
NATIONAL ASSEMBLY:
-"Organic Law for the Closure of the 1999 Banking Crisis" ........................................ 1
EXECUTIVE FUNCTION
RESOLUTION:
INDUSTRIES MINISTRY
AND PRODUCTIVITY:
QUALITY SUB-SECRETARY:
14 078 Approve and officialize with the mandatory character of the Amendment 1 of the Ecuadorian Technical Regulation RTE INEN 085 "FROZEN POTATO CHIPS" ............ 11
PRESIDENT OF THE REPUBLIC Office No. T. 6911-SGJ-14-144 Quito, February 17, 2014 Engineer HUGO DEL POZO BARREZUETA Director of the Official Register Present My consideration: By trade No. PAN-GR-2014-0243 of 6 February 2014, received on 7 of the same month and year, Mrs. Gabriela Rivadeneira Burbano, President of the National Assembly, referred to the President of the Republic the project of "ORGANIC LAW FOR THE CLOSURE OF THE CRISIS" BANK OF 1999 ", for the sanction or object. In this context, once the aforementioned project has been sanctioned by the President, c nforms the provisions of the third paragraph of Article 137 of the Constitution of the Republic and the
S U P L E M E N T O
Ano I r Nº 188
Quito, jueves 20 de
February de 2014
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ING. HUGO ENRIQUE DEL POZO
BARREZUETA
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2 -- Supplement -- Official Registration No. 188 -- Thursday, February 20, 2014
first paragraph of Article 63 of the Organic Law of the Legislative Function, I refer you to the Supradicha Act, in original and copy certified, together with the corresponding certificate of discussion, for publication in the Official Register. In addition, please thank you that, after the respective publication, the original copy will be sent to the National Assembly for the relevant purposes. Intently, f.) Dr. ALEX IS MERA GILER, National Legal Secretary.
REPUBLIC OF ECUADOR
NATIONAL ASSEMBLY
CERTIFICATION As General Secretariat of the National Assembly, I allow myself to CERTIFY that the National Assembly discussed and approved the "LAW FOR THE CLOSING OF THE BANKING CRISIS OF 1999", on the following dates: FIRST DEBATE:
28-January-2014
SECOND DEBATE: 4-February-2014 6-February-2014
Quito at 7 February 2014 f.) DRA. LIBYA RIVAS ORDONEZ, General Secretariat.
REPUBLIC OF ECUADOR
NATIONAL ASSEMBLY
THE PLENO
CONSIDERING: That, article 3 numeral 5 of the Constitution of the Republic establishes as State primary duty to plan national development, eradicate poverty, promote sustainable development and equitable redistribution of resources and wealth to access good living; determines that the Central Bank of Ecuador is a legal entity governed by public law, organization and operation will be established by law; that, article 133 of the Constitution of the Republic of Ecuador determines that laws will be organic and
ordinary, defining organic laws in their numeral 2 as those to regulate the exercise of constitutional rights and guarantees; whereas, Article 377 of the said standard prescribes that the National System of Culture has as one of its aims to safeguard social memory and cultural heritage; the Ministry of Culture and Heritage exercises the rectory of the National System of Culture; Article 282 ibidem states that the State shall normalize the use and access to land that must be fulfilled by the social and environmental function. A national land fund, established by law, will regulate the equitable access of peasants and peasants to the land; that, in such a virtue, the Ministry of Agriculture, Livestock and Fisheries, complying with the constitutional mandate and the In the National Plan of Good Living to eradicate poverty, promote sustainable development, equitable redistribution of wealth, among others, implement the project emblematic Plan Lands, as policy of redistribution of agricultural land among the farmers lacking in it, in order to allow their efficient use It is a growth and employment for small and medium-sized farmers organized; that, due to poor regulation, resources were provided and guarantees were granted from the Central Bank in favor of the private sector, causing the disastrous crisis. This is why it is necessary to establish legal parameters that will definitively close the granting of this type of guarantees and its consequences; that the interests of the State in the transfer of assets between the Central Bank of Ecuador and the Ecuadorian Public Sector, so that ensure the proper management of public resources and their proper destination, in the regulatory framework of this law; that, Executive Decree No. 798, published in the Official Register No. 485 of 6 July 2011, reformed by Decree Executive No. 1031 published in the Official Register No. 637 of 9 February 2012, transformed the Public Sector Real Estate Management Unit into the Public Sector Real Estate Management Secretariat, as a strategic entity of law public, with legal status, own assets and own budget and technical, administrative and financial, attached to the Ministry of Urban Development and Housing, with its registered office in the city of Quito and the management of the city at national level; that, by Resolution of the Banking Board JB-2009-1427 of 21, September 2009, published in the Official Register No. 51 of 21 October 2009, the rules were issued and established the mechanism for the transfer of assets from financial institutions in liquidation to another institution of the financial system which has legal competence to carry out co-active recovery procedures;
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That, with the office of the Superintendent of Banks and Insurance No. SBS-INJ-SAL-2009-1337 of 15 December 2009, the Central Bank of Ecuador was designated as the institution of the financial system to intervene as a transferee within the process of forced liquidation of financial institutions, and which prior knowledge and express consent of the Board is responsible for receiving the assets of the entities in liquidation, the transfer of which has been instructed by the control body through trades aimed at the liquidators, who must subscribe to the corresponding public writings; what, the Repeal Organic Law The Law of Buros of Credit Information, published in the Official Register Supplement No. 843 of 3 December 2012, in its Transitional Provision Sixth, determines that the Central Bank of Ecuador assumes the quality of the transferee of the assets and, (a) the collection portfolio of the financial institutions of the 'closed banking' system, without constituting a successor in the right of those financial institutions. This implies the need to establish the instruments and instances of coordination that allow the recovery and realization of the assets transferred by the financial institutions extinguished in favor of the Central Bank of Ecuador; The effects of definitively closing the nefarious chapter of the national history that represents the financial crisis of the year 1999, it is imperative to irrevocably transfer the assets currently administered by the Central Bank of Ecuador to public institutions that can give it a useful use, for the benefit of the social collective; and pay the accrecias to the private and public sector; that, having been the bank holiday of the Ecuadorian financial system of 1999 a phenomenon generated by a small economic group that has benefited to the coast of the majority of Ecuadorians, that generated the largest financial, economic and social crisis in Ecuador, whose effects were reflected in Ecuadorian families with an alarming reduction in the purchasing power of the sucre and its subsequent extinction, unemployment, underemployment, migration, which generated the (i) the right to a dignified life, to the freedom to have the own resources, to the It is imperative to have a law of an organic nature that ends with the effects of the banking crisis, which to date has not been solved definitively; and, In exercise of the powers established In Article 120, number 6 of the Constitution of the Republic, the following is issued: ORGANIC LAW FOR THE CLOSURE OF THE CRISIS
BANK OF 1999 Article 1.-Termination of the escrow and registration of goods.- The trusts constituted by the financial institutions extinct, their companies In the case of foreign-domiciled companies, related companies or inactive debtor companies, the assets of which had to be transferred to the Central Bank of Ecuador by virtue of the resolution of the Banking Board No. JB-2009-1427 of September 21, 2009, as well as those trusts that
contain goods that were delivered in payment to the Central Bank of Ecuador will be terminated in full. As a result of the termination of the escrow contracts, as of the publication of this Law in the Official Register, the Central Bank of Ecuador will have a period of up to 120 days to liquidate the trusts, and the trustees up to one hundred and fifty (150) additional days to transfer from their estate the urban buildings in favor of the Public Sector Real Estate Management Service, DAR ar and the rustic buildings in favor of the Ministry of Agriculture, Livestock, Aquaculture and Fisheries, MAGAP; and, furniture, portfolio and other assets The Bank of Ecuador has contributed to its autonomous assets at the end of the Central Bank of Ecuador. Contractual clauses that establish conditions that limit or impede such transfers and those that establish any kind of fees, including fees and securities for the restitution of the property, shall be held in writing. The Central Bank of Ecuador will transfer and transfer to DAR, MAGAP or the Ministry of Culture, as appropriate, the rights it has as a minority beneficiary in the trusts that were transferred to it under the resolution JB-2009-1427. Articu lo 2.-Registration of other goods.- The registrars of the property and mercantiles and the National Transit Agency, at the request of the Central Bank of Ecuador, will register, at no cost, in the name of DAR, MAGAP or the Central Bank of Ecuador, the transfer of all immovable property or furniture, contracts, rights and charges which are borne by them, which are registered in the name of the extinct financial institutions, their companies domiciled abroad, related companies, trusts in which they are listed as constituents or as beneficiaries; and issue the corresponding certificates within a time limit which may not exceed sixty (60) days from the date of the request. The entries made under the preceding paragraph shall be exempt from the payment of duties and any fees. Articu 3.-Nullity of transfer of domain.- Any transfer of domain in favor of the private of the assets that had to be transferred to the Central Bank of Ecuador, carried out after the resolutions No. JB-2009-1427 from the Banking Board and No. DBCE-002-2009 of the Board of the Central Bank of Ecuador without having been counted with the authorization of the Central Bank of Ecuador, will be null and void. Article 4.-Of the companies.- Within thirty (30) days of the validity of this Law, the legal representatives or liquidators of the companies that were or should have been transferred to the Central Bank of Ecuador under the Bank Board resolution No. JB-2009-1427, they will register the transfer of shares and transfer of shares, as appropriate, in favor of the Central Bank, which must be notified to the Superintendence
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of Companies, under the prevention that failure to do so will initiate legal action against them. The Central Bank of Ecuador will appoint the liquidators of the inactive companies that have been ceded to it, will fix, regulate and pay its fees, until the registration of the cancellation of the same in the corresponding Mercantile Register. In the case of companies that are active, the Central Bank of Ecuador will transfer and transfer in an additional period of thirty (30) days those actions in favor of the ministry of the branch to which they correspond, the same one that will define its destination and use. The legal representative of the Central Bank of Ecuador will determine the ministry of the branch, to which these actions will be transferred. The Ministry to which it corresponds may transfer these shares in whole or in part to the employees of the same or organizations of the People's Economy and Solidarity. The inactive and settlement companies transferred to the Central Bank of Ecuador under resolution No. JB-2009-1427 shall be cancelled in full if they do not have assets. The Superintendence of Companies will execute all necessary actions to improve the cancellation of these companies within the period of ninety (90) days counted from the publication in the Official Register of this Law. The obligations that these companies have with the Internal Revenue Service and with the Superintendence of Compani s will not be charged, without prejudice to the fact that they will be registered in the patrimonial deficit in charge of the institutions. The financial assets of the companies. The Central Bank of Ecuador will cancel the employer's obligations that these companies have pending with the Ecuadorian Social Security Institute, the ones that will be liquidated without accounting for any delinquent interest or fines. The obligations generated by these concepts up to the date of enactment of Resolution JB-2009-1427, will be reported by the Central Bank of Ecuador to the Superintendence of Banks and Insurance and to the Unit of Management and Enforcement of Law Public, UGEDEP, entities in charge of the collection of the patrimonial deficit. Article 5.-Exemption from taxes and other payments.- The termination and settlement of trust contracts shall be exempt from the payment of all taxes and payment of fees for the return of the property. They will also be exempt from the payment of duties and taxes on the transfer of assets to the MAGAP, MAR and other public sector entities. The taxes and expenses caused by the assets referred to in this Law shall be calculated without interest and shall be recorded in the wealth deficit in charge of the external financial institutions. The Central Bank of Ecuador, MARAR and the MAGAP will be exempt from the payment of taxes, fees, contributions, fines and expenses caused to be debited at the time of the transfer of the assets to which this Law refers.
Articu 6.-Transfer of assets to Public Sector entities.- The Central Bank of Ecuador will transfer to the free title in favor of the MAGAP or the MAGAP, as appropriate, the property of all the real estate and the furniture that they contain, transferred by the external financial institutions, their companies domiciled in the and related companies under the resolution of the Banking Board No. JB-2009-1427, and the restitution in the terms described in this Law. The transfer shall include everything that according to the Civil Code is deemed to be immovable by nature, destination or access, the contracts and levies which on the same fish, as well as the litigious rights and affectations. The entities benefiting from the transfer of these assets shall be the successor in law of the levies and/or affections weighing on such assets, as mandated by these provisions. The cacadal avaluo of the rural lands that were transferred to the Central Bank of Ecuador by virtue of the resolution of the Banking Board No. JB-2009-1427, for the purpose of its transfer to the MAGAP or to MAR, shall be the corresponding to the rural cadastral avaluo, even if these prediums would have been, subsequently to the expedition of the indicated resolution of the Banking Board, declared urban by municipal ordinances. Articu 7.-Transfer of cultural goods.- The cultural goods that were transferred by the financial institutions extinct in favor of the Central Bank of Ecuador under the resolution of the Banking Board No. JB-2009-1427, they will be transferred to free title, prior inventory and support in favor of the Ministry of Culture.
The transfer will be executed within a maximum period of one hundred and eighty (180) days from the validity of this Law. This transfer will be implemented through public writing.
Articu 8.-Resources.- The Ministry of Finance will provide the resources, either in money or in securities, equivalent to the amount of the amount to which the cadastral the assets transferred to the Central Bank of Ecuador by virtue of and the resolution of the Banking Board No. JB-2009-1427, and that by the work of this Law they are transferred to the MAGAP, the MAGAP and other institutions of the Public Sector, in the form and manner that they agree with the Central Bank of Ecuador, for the purposes of recovery and settlement established in this Law. In the case of shares of publicly traded companies, the Ministry of Finance will provide the resources, either in money or securities securities, for the amount to which the market value of the shares will rise; and for those companies that do not bag, in the amount equivalent to the value of the shares recorded in books. The Central Bank of Ecuador will adjust the transfer of the real estate to the cadastral value, and to the market value or book value, as appropriate, the transfer of the shares and the transfer of shares of the companies to be performed by virtue of
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this Law. The Central Bank of Ecuador for the administration of movable property will apply the current legal regulations. Article 9.-Payment of loans to the private sector.- The Central Bank of Ecuador will pay the loans of natural and legal persons transferred to it by the financial institutions that are extinct under the Resolution No. JB-2009-1427, without distinction of the debtor financial institution, up to the amount of seventy-five thousand dollars of the United States of America (USD $75,000.00) per creditor and for one time, exclusively with the resources from the Extinct financial institutions, according to the following order: a) The deposits of the financial institutions extinct,
except those linked, giving preference to those depositors belonging to the priority care groups;
b) The values to be owed to the workers by
remunerations, work allowances recognized in executed sentences, utilities, reserve funds and retirement pensions from the financial institutions extintas, and the obligations to the Ecuadorian Institute of Social security arising from such employment relationships which are recognised by the Central Bank of Ecuador; and;
c) The remainder of the liabilities by funds collected by the
financial institutions, under modalities not covered by the preceding literals, with the exception of the deposits of those who have credits or other related assets.
However, the payments will be recorded in each separate financial institution separately. The Central Bank of Ecuador will notify the Superintendency of Banks and Insurance and the Public Law Management Unit of UGEDEP, entities in charge of the collection of the patrimonial deficit. The payment of the accreances provided for in this article will conclude within three hundred and sixty five (365) days from the publication of this Law. For the purposes of payment of pensio is retirement claimed by administrative means, with charge to the financial institutions extintas contemplated in the literal b) of this article, the Central Bank of Ecuador shall transmit to the Ministry of Labor Relations the details of the claimants for the purposes of processing the recalculation of retirement pensions from the financial institutions. For the payment of judgments which recognise labour rights as referred to in literal (b), only work trials initiated before the issue of Resolution JB-1427-2009 of 21 September 2009 shall be considered. The payments provided in this article shall be made in cash, for one time up to the maximum amount of seventy-five thousand dollars of the United States of America (USD $75,000.00) per depositary creditor and for those who are
Article 10.-Payment of accreances to the Public Sector.- Respecting the ranking determined in the previous article, the Central Bank of Ecuador, with the remaining balance, will pay the Public Sector entities, without distinction of the financial institution from which the resources for the payment, and up to the amount of their deposits or accreances in the following order: (a) Depository deposits or accreances of any
Public Sector institution; and, (b) to the Law Enforcement and Management Unit
Public, UGEDEP or its a successor in law, the securities reported by the former liquidators of the financial institutions extinct in favour of the Deposit Insurance Agency.
However, the payments will be recorded in each institution. It is extinguished separately. The Central Bank of Ecuador will notify the Superintendency of Banks and Insurance and the Public Law Management Unit of UGEDEP, entities in charge of the collection of the patrimonial deficit. The payment of the loans provided for in this article shall end within one year of the publication of this Law. Articu 11.-Non-depository beliefs and extinction of accreances.- The amounts in excess of the seventy-five thousand dollars of the United States of America (USD$ 75,000.00), the payment of which is provided for in Article 9, and the private accreencies referred to in that Article, shall be converted into non-depository accreances and shall be paid only once the payment of the accreances to the Public Sector entities referred to in Article 10 has been completed. The public accreances, the payment of which is not covered by the balance of the resources referred to in Article 10, shall be transferred by value received by the Public Sector entities to the Ministry of Finance. The Central Bank of Ecuador will consolidate and account for such disposals. The accretions which are held between extinct financial institutions shall be extinguished for the purposes of payment by any State entity. Without prejudice to the foregoing, once the process and the deadline for the payment of the beliefs have been completed, the Central Bank of Ecuador reports the values that have been imposed and those that were transferred to the Ministry of Finance, to the Ministry of Finance. Superintendence of Banks and Insurance and the UGEDEP, entities in charge of the collection of the patrimonial deficit, in order to comply with the provisions of the Second General Disposition of this Law. Neither the State nor its institutions, under any concept or scenario, will assume the payment of the accrecias that have not been able to be satisfied in the manner provided for in this Law. Article 12.-Resources for payment.- For the payment of the loans referred to in Articles 9 and 10 of this Law, the Central Bank of Ecuador shall use, without distinction from the financial institution from which it comes, the entire amount of the
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resources of the extinct financial institutions that you maintain recorded as balance of recovery management and the resources indicated in the Article 8 of this Law. The payment of the accrecias and shall exclusively carry out those who are registered as creditors of the financial institutions extinct at the time of the transfer of the assets to the Central Bank of Ecuador and which have been recognized by the liquidators according to the provisions of Articles 159 and 169 of the General Law of Institutions of the Financial System, in force at the date of issue of the resolution of the Banking Board No. JB-2009-1427, without any interest being recognised. In order to make the payments determined in Article 10 of this Law, the Central Bank of Ecuador may provide Certificates of Guaranteed Liabilities (CPG) or Rescheduled Deposit Certificates (CDRs) or non-distinct depository accreances of the entity. of which they come, or the securities securities which the Ministry of Finance issues for this purpose. The public creditor institutions shall receive, as a means of payment of their credit for deposits or obligations of the financial institutions extinct, the financial instruments referred to in the preceding paragraph at face value. Articu 13.-Expiration for collection.- The accreances not claimed by the beneficiaries within one hundred and eighty (180) days from the call for payment will be extinguished and will not be payable and the beneficiary will lose his/her right to the collection. The unclaimed resources will be deposited in the National Treasury's Single Account as income from the General Budget of the State. The accrecias in which the beneficiary cannot be identified, either because they do not contain the full names, the number of cedula or the number of the Single Register of Contributors, will be rejected as not existing, and therefore the Central Bank Ecuador will eliminate them from their records and report them to the Superintendency of Banks and Insurance and the UGEDEP, entities in charge of the collection of the patrimonial deficit. Articu lo 14.-Recalculation and relief of the portfolio.- The Central Bank of Ecuador will recalculate at the request of part and in compliance with the conditions provided for in this Law, the part of the portfolio transferred by the financial institutions Extintas at the disposal of the resolution of the Banking Board No. JB-2009-1427, without considering the items that for expenses and court costs, legal and moratoria interests have been generated until the publication of this Law, except that which has the condition of related. The product of the recalculation will be recorded in the databases of the Central Bank of Ecuador. The National Financial Corporation shall apply the same recalculation procedure as set out in the preceding paragraph, to the portfolio that has been transferred to it by the external financial institutions; the debtors in this portfolio will receive the The same benefits as the debtors of the portfolio transferred to the Central Bank of Ecuador.
The basis for the new calculation will apply only to claims that are not linked by property, management or presumption, in accordance with the General Law of Institutions of the Financial System and Codification of Resolutions of the Superintendence of Banks and Insurance and Banking Board and that natural or legal persons responsible for debtor or shareholders of the latter are not domiciled in tax havens. The recalculation shall be carried out by taking the value of the initial capital delivered in credit, to which the annual interest rate of 5% shall be applied for the period elapsed from the date of the granting of the credit until the publication of this Law. For the purposes of applying this Law, it is presumed that the initial capital value is that reported to the Central Bank of Ecuador, pursuant to the issuance of Resolution JB-2009-1427, except documentary proof to the contrary. The tests shall be assessed by the competent authority in accordance with the rules of sound criticism. Debtors who are beneficiaries of this recalculation who have documentation justifying payments made, which have not been registered by the financial institutions for which they are drawn, or other relevant evidence documents shall be 60 (60). days since the publication of this Law to present the Central Bank of Ecuador or the National Financial Corporation, as the case may be, the documentation, and will indicate an address or e-mail address for notifications. If the petitioner has not indicated a home or electronic address or a judicial locker for notifications, or if it has been made inaccurate, the Central Bank of Ecuador or the National Financial Corporation, as appropriate, in the period of sixty (60) days from the submission of the documentation, shall notify and publish on its website the results of the analysis of the documentation submitted. The dividends or partial credits that the debtors have paid in the financial institutions extinct, in the Central Bank of Ecuador or in the National Financial Corporation, and which the latter have recognized, will be applied directly as a credit to the initial capital, regardless of the actual dates and times in which the debtors have been effected, and the capital balance shall apply the 5% annual interest rate which shall remain in force from the date of its entry into force. grant until the total cancellation of the obligation. In no case shall any amounts paid or goods which have been seized or recovered shall be returned. The securities which are cancelled by way of capital and interest bearing the result of the recalculation shall be applied in accordance with the general rules on imputation of payments contained in Article 1611 of the Civil Code, and the Central Bank shall determine the periodicity, conditions and method of payment. Article 15.-Conditions for the application of the recalculation and portfolio relief.- The recalculation and portfolio relief benefits, as set out in this Act, shall apply exclusively to the non-linked credit portfolio and to the party request, in accordance with the following conditions: 1. Debtors whose initial capital of the operation was
up to a hundred thousand dollars from the United States of
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America (USD$ 100,000) will access the recalculation without any restrictions.
2. The debtors whose initial capital of the operation is
greater than one hundred thousand dollars from the United States of America (USD$ 100,000) and up to two million dollars from the United States of America (USD$ 2 ' 000,000), will be able to receive the benefit of the recalculate, provided that they have made credits to the debt, or if they have not made debt payments, they must pay at least 10% of the value of the initial capital of their debt within a maximum of one hundred and eighty (180) days from the beginning of the term of this Law.
3. The debtors whose initial capital of the transaction exceeds
the two million dollars of the United States of America (USD$ 2 ' 000,000), may be received for the benefit of the recalculation, provided that they have made fertilizers of at least 50% of the value of the initial capital of the debt or in case of failure to make debt credits shall pay at least 35% of the value of the initial capital of its debt within a maximum period of one hundred and eighty (180) days from the date of this Law.
The debt recalculation process will be considered complete once the documents have been subscribed to. formalize the payment obligation to the Central Bank of Ecuador or the National Finance Corporation, as the case may be. This period may not be greater than twenty (120) days counted since the publication of this Law. The guarantor or guarantor of the original obligations subject to the restructuring shall continue to be the guarantor of the recalculated obligations, unless the principal debtor gives sufficient collateral. The period for payment of the recalculated balance shall be six (6) years, to which the same annual interest rate of 5% shall apply. The first year shall be a period of grace, in which interest shall be charged, during which the debtor shall not be obliged to make payments, except for his express intention to the contrary. The Central Bank of Ecuador, the National Finance Corporation, as appropriate, shall determine the periodicity of the payments applicable to the recalculated portfolio. The application of these rules does not prevent debtors from being able to cancel their debts in advance. Failure to comply with two consecutive payments or failure to subscribe to documents forming the payment obligation will suspend the benefits granted by this Law and will reactivate or be causal to immediately start the processes of co-active and ordinary justice for the total amount of the debt, to be maintained impay, without the benefit of the recalculation; applying the rate of arrears in force to the date of suspension of the benefits. The payments made under this Law shall be applied in accordance with the provisions of Article 1611 of the Civil Code. Ar ticle 16.-Suspension of the Coactive.- From the issuance of this Law will suspend the processes
co-assets initiated and the insolvency or bankruptcy trials for one hundred and twenty days (120) days, during which the debtors If they wish to avail themselves of the recalculation mechanism, they may participate in the subscription of the respective documents for their application. The Central Bank of Ecuador or the National Finance Corporation, as appropriate, will request the suspension of the proceedings in the respective courts. The suspension of the co-active shall be maintained as long as the debtors remain current in the payments resulting from the recalculation of their debts. While the co-active processes are suspended and the insolvency or bankruptcy proceedings are suspended, the time limits for the prescription are suspended. The non-linked debtors who are in the portfolio of the trusts that are transferred and transferred to the Central Bank of Ecuador under this Law will be considered within the process of recalculation established in this article. Articu 17.-Insolvency.- The insolvency of those debtors who do not comply with the order of payment in the reactivated or initiated co-active procedures, due to the default or default in the payments provided in the Article 15 and, as a result of that presumption, the competition of creditors shall be declared, which shall be dealt with in accordance with the rules of Section IV of the Second Book of the Code of Civil Procedure. Article 18.-Formas for payment.- The debtors of the extinct financial institutions may pay their obligations in cash, certified cheque, by way of compensation of debts with non-linked depository accreances, payment of the property which has been constituted as an original guarantee of the credit, with certificates of guaranteed liabilities or with reprogrammed certificates of deposit or depository accreties registered in the Unit for the Management and Enforcement of Public Law, UGEDEP or the Central Bank of Ecuador. The Central Bank of Ecuador and the National Financial Corporation may receive up to a maximum of 20% exclusively for the payment of the recalculated obligations under this Law, in certificates of guaranteed liabilities or certificates of deposit reprogrammed or depository accreances, without distinction from the extinct financial institution from which they come. The non-linked deposits that are received in this payment mechanism must be accounted for by the Central Bank of Ecuador or the National Finance Corporation, as a credit to the respective portfolios. The loans will be eliminated from the payment responsibility of the Central Bank or National Finance Corporation and will be reported with the note and date of cancellation to the entities in charge of the collection of the patrimonial deficit. The immovable property constituted in original guarantee of the credit and which are delivered by the debtors in payment for their obligations, will be received prior to an avaluo process, which will be carried out by experts qualified by the Superintendence Banks and Insurance, at the request of the Central Bank of Ecuador's co-active judge
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National Financial Corporation, in charge of recovery and recovery of the obligation, and will be transferred to DAR or the MAGAP, as appropriate, to Free title. The Central Bank of Ecuador and the National Finance Corporation will record in their accounting entries how the value in which the good was received is credited to the debt. In the case of movable property which has been constituted as an original guarantee of the credit and which is delivered by the debtors in payment for their obligations, they shall be received prior to the approval of an expert qualified by the Superintendence of Banks and Insurance, at the request of the Judge of Coactive of the Central Bank of Ecuador or of the National Financial Corporation charged with the collection of the financial institutions of the financial institutions. The movable property that is received as a payment in the preceding conditions, was sold in public auction or remade by the Central Bank of Ecuador or the National Finance Corporation, in the period not greater than three hundred and sixty-five (365) days from your reception. The Central Bank of Ecuador shall record in its accounting entries the value resulting from the auction as credit to the debt. Article 19.-Extinction of obligations.- The obligations acquired with the financial institutions in which the debtor has already delivered the assets constituted as collateral or in which the garments have been seized and the assets mortgages to be repaid for the payment of the debt, shall be cancelled in the proportion in which the guarantees have been lodged, at the request of an interested party. If the guarantee covers the total debt, the debt shall be cancelled in its entirety, otherwise the balance may be subject to the provisions of Article 14. In the case of movable or immovable property which has not been constituted as an original guarantee of the credit, it shall be imputed to the recalculated debt, and the value of the auction shall be charged as credit. If the auction of movable or immovable property has not been carried out, the fair value of the market value at the date of the lien, which shall be determined by an expert qualified by the Superintendence of the market, shall not be charged as credit to the debt. Banks and Insurance at the request of the co-active judge in charge of the portfolio recovery. Articu 20.-Exclusion of credit records.- Debtors who are welcome to the recalculation of the Central Bank of Ecuador and the National Finance Corporation and who have subscribed the documents of the recalculated obligation, as well as the guarantors, shall be excluded from the credit information records and their credit histories shall be restored in the Credible Data Register, or the institution that does its times. The Central Bank of Ecuador and the National Finance Corporation will notify the Superintendency of Banks and Insurance, DINARDAP and the Ministry of Labor Relations of these cases. Institutions of the National Financial System or those empowered to grant scholarships or financial support for academic purposes shall consider for the granting of credits, scholarships or economic aid for academic purposes
the qualification and credit history of debtors established by the mechanisms provided for in this Law acting as applicants, legal representatives, guarantor or guarantor. Article 21.-Extinction of items on movable property.- The movable property that is not the subject of the transfer to be made by the Central Bank of Ecuador to the Public Sector entities mentioned in this Law, will be completed. by means of public auction or auction processes within the meaning of the General Public Sector Property Replaced Regulation and the relevant legal provisions. The taxes caused on such goods from the issue of the resolution of the Banking Board No. JB-2009-1427, until the date of publication of this Law, which will be found impayments, will be paid with the product of the public auction or auction, up to the value recovered in the realization of said goods. Surplus values which cannot be covered in compliance with this Article shall be extinguished. Transferred movable property that cannot be performed by its conditions of obsolescence or attrition shall be discharged in accordance with the procedures laid down in the General Regulation of the Substitute General of Public Sector Goods. Articu 22.-Correction of errors.- The background and form errors in terms of figures and recorded values that exist in the asset transfer scripts, databases and documentary files transferred to the Central Bank of Ecuador, which affect the rights of the debtors, must be remedied by the Central Bank of Ecuador, at the request of an interest party, accompanying the evidence accepted by the Code of Civil Procedure that are relevant and sufficient, within a period of one hundred and eighty (180) days from the publication of this Law. The inconsistencies of the databases, scripts and files must be rectified by the Central Bank of Ecuador, prior to the report of the responsible area. Any rectification made to this information by the Central Bank of Ecuador will be informed to the Superintendency of Banks and Insurance and to the UGEDEP, entities in charge of the collection of the patrimonial deficit. Article 23.-Limit of liability.- No Public Sector entity will respond in any way i will assume any obligation that you see from the judgments handed down against the extinct financial institutions, their companies In the case of a foreign resident and related companies, neither the recovery actions resulting from the economic deficits, with the exception of those obligations referred to in Article 9 (b). Article 24.-Equal treatment.- Non-credit obligations arising out of an extinct financial institution of up to five thousand dollars from the United States of America (USD $5,000.00), as well as the credit obligations of which the capital is less than that amount, they will receive the treatment established in the Transitional Provision Sixth of the Repeal Organic Law to the Law of Buros of Credit Information and Reform to the Law of the System
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National Public Data Registry, the Organic Law of the Popular and Solidarity Economy and the Popular and Solidarity Financial Sector and the Law of Companies. The Central Bank of Ecuador and the National Financial Corporation will regularize the respective accounting records, and report to the Superintendency of Banks and Insurance and the National Directorate of Public Data Registry DINARDAP, so that proceed with the removal of their credit histories, and notify the Ministry of Labor Relations of these cases. Articu 25.-Portfolio Compensation.- Within thirty (30) days of the current provisions, the Central Bank of Ecuador and the Unit for the Management and Enforcement of Public Law, UGEDEP, will proceed to improve and register in their balance sheets the related portfolio compensation made until the issuance of this Law. Article 26.-Regulation.- The Banking Board, or who does its own times, shall issue the relevant resolutions for the implementation of this Law. Articu lo 27.-Sigilo and reservation.- Do not apply the stealth or reserve with respect to the operations and general information of the external financial institutions. Article 28.- The processes of disposal of movable and immovable property which are in the process of the Central Bank of Ecuador and until the publication of this Law have not been completed, shall be completed by ARMAR and MAGAP, as appropriate, from the state in which they are located, respecting the acquired rights. The quality of executive titles is granted to the global accounting officers held by the Central Bank of Ecuador, by virtue of the transfer of assets made through the resolution of the Banking Board No. JB-2009-1427, as well as those with the Public Law Management and Enforcement Unit, UGEDEP. Article 29.- The co-active trials that the Central Bank of Ecuador, the Superintendency of Banks and Insurance and the National Finance Corporation against companies and/or companies whose majority shareholder is the UGEDEP, with occasion the seizures made to the related companies, must be archived. GENERAL PROVISIONS First: The taxes and expenses that are taxed on the assets referred to in this Law, which will be paid to the date of publication in the Official Register of this Law, caused by the The assets referred to in this Law shall be calculated in interest. Second: The effect of the extinction of the accreances provided for in Article 11 of this Law, does not relieve the payment of its obligations by way of a patrimonial deficit to the former shareholders representing 6% or more of the equity capital of each of the extinct financial institutions, their former legal representatives and former principal
administrators, in the terms provided for in Article 8 of the Reform Act to the General Law of Institutions of the Financial System and to the Law of Reorder in Economic Matters in the Financial Tax Area, published in the Register Official Supplement No. 659 of 12 March 2012. Third: All the expenses incurred by the Central Bank of Ecuador, be these taxes, fees, contributions, contributions or any other nature, in application of this Law, for the transfer of assets, settlement of trusts or companies will be charged to the property deficits of the respective financial institutions liquidated. The exoneration of the payment of taxes, fees, contributions, fines and expenses as referred to in Article 5 of this Law, will not be deducted from the patrimonial deficit to which the shareholders representing 6% or more of the capital are obliged stock of each of the extinct financial institutions, its former legal representatives and former top managers. The Central Bank of Ecuador will notify the Superintendency of Banks and Insurance and the UGEDEP, entities in charge of the collection of the deficit, of these securities for the exercise of the respective recovery action. Fourth: The Superintendence of Banks and Insurance and the UGEDEP in the actions of recovery initiated or that will be initiated for the recovery of the economic deficits of the extinct financial institutions that received state resources their salvoing, shall include capital and interest generated from the date of allocation of such resources, independent of the date of their registration by the defunct Deposit Insurance Agency or its successor in law. The resources that will be used for the collection of the wealth deficit will be delivered by the Superintendency of Banks and Insurance and the UGEDEP to the General Budget of the State. Fifth: Trustees that do not comply with this Law will be sanctioned through the Superintendence of Companies with a fine equivalent to twenty unified basic wages of the worker and the reiteration of the lack will be sanctioned with the suspension of operation authorization until it complies with the standard. Sixth: Untied debtors who have been declared insolvent or bankrupt have the right to benefit from the restructuring of debts, with which the declaratory is without effect, for which the judges who know the causes on request They will be given that it is right that the process of restructuring has been accepted prior to acceptance of the restructure. Seventh: The Superintendence of Banks and Insurance within the period of sixty (60) days counted from the publication in the Official Register of this Law, will review the list of unrelated transactions reported to the Central Bank of the Ecuador in application of Resolution JB-2009-1427, and if it is the case, will ratify, purge or rectify this list prior to the application of the benefits of this Law. Its pronouncement will be notified to the Central Bank of Ecuador in order to proceed to the recalculation.
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Eighth: The Central Bank of Ecuador will forward to the Ministry of Foreign Affairs and Human Mobility the necessary information to carry out the dissemination and communications that correspond to the promotion of this Law for Ecuadorians residing abroad. Additionally, they will be exempt from the payment of any value for consular fees for the granting of powers, which are related to the provisions of this Law. Ninth: The Central Bank of Ecuador, the Superintendency of Banks and Insurance, and the other public institutions that are mandated by this Law to carry out some ction within the process of closing the banking crisis of 1999, starting from the This Law will be in effect for a six-month period, and will present a detailed report to the National Assembly on compliance with the rules laid down in this Law. Tenth: The Office of the Prosecutor General of the Nation, the Comptroller General of the State and other entities involved, will investigate and establish responsibilities, and will promote the processes that are followed, according to their competence, against the ex-directors, directors, managers, managers, temporary managers of closed banking, liquidators, external auditors, expert experts, general employees against any person of such institutions who have been responsible for their liquidation, extinction and any actions or omissions, or situations which contravene the Ecuadorian legal order. In addition, they shall promote the actions that correspond to the failure to use inside information that has been given to the suppliers of the processes for the sale and/or embargoes of the movable and immovable property of the debtors. linked. The non-prescription of the causes initiated or those to be initiated shall be precautionary at all times. 11th: The benefit of the recalculation, for the purposes of this Law, will not be understood as novation, nor restructuring of debts, nor any other mode of extinction of the obligations, as the condition of not being fulfilled is pending. Signed convention is rolled back the obligation to its original condition. REFORMATTER PROVISIONS First: In Article 165 of the General Financial System Institutions Act, following the second entry, the following are the following: undertakings owned by those shareholders or administrators of the financial institutions concerned by this Article, including those which are not currently enforceable, for these purposes, shall be deemed to be a time limit, and therefore constitute, in favour of the institution in liquidation which takes them into administration, credit First class privileged, even with preference to mortgage loans, structured in trusts or any other of a diverse nature other than the assets to be owed to the workers or to the institutions of the State, including the Ecuadorian Institute of Social Security. For the collection of such assets, the financial institution in liquidation shall initiate the co-active on the basis of the determination that is based, and
shall have the precautionary measures and awards that fit, including real estate on goods that are subject to taxation of any kind or contributed to trust, which will be cancelled by the executor, in order to collect what is added, so that with their product, respecting the predation determined in the present Article 167 (1) of Regulation (EC) No 7161/ The Banking Board, at the justified request of the creditors ' meeting or the liquidator, may, where appropriate, order the cancellation in the Register of the Property of the registration of the purchase, payment, or any other title (a) a limitation of the domain in respect of the assets of the undertakings linked to the shareholders or directors, concluded after the suspension of the operations of the related financial institution, in order to enable those assets to be used for to charge what is attached according to the precept and to the procedure determined in the preceding paragraph. Third parties in good faith who may be affected by the cancellation of the transfer, will have damages exclusively against those who have transferred the property after the suspension of the operations of the linked financial institution.
Second: Substitute Article 84 (c) of the Monetary System and State Bank Act by the following text:
" c) Ensuring any kind of obligations, to natural persons or private law legal ";
Third: In the First Transitional Provision of the Law Organic Repeal of the Law of Credible And Reforming Information to the Law of the National System of the Public Data Registry, to the Organic Law of the Popular and Solidarity Economy and the Popular and Solidarity Financial Sector and to the Law of Companies, replace the phrase "within a period not longer than 365 days" by "until 31 December 2014". SINGLE TRANSITIONAL ARRANGEMENT The third and fourth points of Article 165 of the General Law of Financial System Institutions, added by this Law, shall apply even in respect of the institutions of the system (a) to the date of its promulgation, to be in liquidation, and to the companies or companies whose shares are already in charge of those institutions by mandate of the second indent of the same article. REPEAL PROVISION All rules of equal or lesser hierarchy shall be repealed, as well as resolutions issued by the Banking Board that oppose this Act. FINAL DISPOSITION The provisions of this Act shall be in effect from the date of their publication in the Official Register. Given and subscribed, at the headquarters of the National Assembly located in the Metropolitan District of Quito, Pichincha Province, six days from the month of February 2014.
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f.) Gabr iela Rivadeneira Burbano, president. f.) Dr. Libya Rivas Ordonez, SECRETARY GENERAL. NATIONAL PALACE, IN SAN FRANCISCO DE QUITO, DISTRICT MATROPOLITANO, AT FOURTEEN OF FEBRUARY TWO THOUSAND FOURTEEN.-SANCTION AND PROMULGATE.- f.) Rafael Correa Delgado, CONSTITUTIONAL PRESIDENT OF THE REPUBLIC.
No. 14 078
THE MINISTRY OF INDUSTRIES AND
PRODUCTIVITY
Whereas: That in accordance with the provisions of Article 52 of the Constitution of the Republic of Ecuador, "People have the right to have good quality goods and services and to choose them freely, as well as accurate and non-misleading information about their content and characteristics"; that the Protocol of Accession of the Republic of Ecuador to the Agreement establishing the World Trade Organization-WTO, published in the Supplement of the Official Register No. 853 of 2 January 1996; The Agreement on Technical Barriers to Trade-AOTC of the WTO, in its Article 2 lays down the provisions on the elaboration, adoption and application of technical regulations by institutions the central government and its notification to the other Members; that the Decisions and Recommendations adopted by the WTO Committee on Technical Barriers to Trade should be taken into account; that Annex 3 to the TBT Agreement establishes the Code of Good Conduct for the preparation, adoption and application of standards; whereas Commission Decision No 376 of 1995 The Andean Community created the "Andean System of Standardisation, Accreditation, Testing, Certification, Technical Regulations and Metrology", as amended by Decision 419 of 30 July 1997; Decision 562 of 25 June 2003 of the Commission of the European The Andean Community establishes the "Guidelines for the elaboration, adoption and application of Technical Regulations in the Member Countries of the Andean Community and at Community level"; by Law No. 2007-76, published in the Supplement to the Register Officer No. 26 of 22 February 2007, Reformed in the Ninth Reformatory Provision of the Code Organic Production, Trade and Investments, COPCI, published in the Official Register
Supplement No. 351 of 29 December 2010, constitutes the Ecuadorian Quality System, which aims to establish the legal framework intended for: " (i) to regulate the principles, policies and entities related to the activities linked to conformity assessment, to facilitate compliance with international commitments in this field; (ii) to ensure compliance with the (i) protection of the environment, protection of the environment, protection of the environment, protection of the consumer against misleading practices and the correction and sanctioning of such practices; and, (iii) Promoting and encouraging the culture of quality and improving competitiveness in the Ecuadorian society ";
That by Resolution No. 13 365 of October 21, 2013, promulgated in the Official Register No. 121 of November 12, 2013 was made official with the character of Mandatory-Emerging the Technical Regulation Equato-riano RTE INEN 085 "POTATOES (POTATOES) FROZEN", the same as that entered into force on 12 November 2013;
The Ecuadorian Institute for Standardisation-INEN, in accordance with the functions specified in Article 15, (b) of Law No. 2007-76 of the Ecuadorian Quality System, reformed in the Ninth Disposal Refor-matoria of the Organic Code of Production, Trade and Investments published in the Official Register Supplement No. 351 of December 29, 2010, and following the regulatory procedure laid down in Article 29 (1) of the same Law, where it states that: " The technical regulations include the elaboration, adoption and application of technical regulations necessary to safeguard the objectives related to safety, the health of human, animal and plant life, the preservation of the environment and the protection of consumers against misleading practices formulated the MODIFICATION 1 to the Ecuadorian RTE INEN 085 "POTATOES (POTATOES) FROZEN FRIED POTATOES";
That using Technical Report contained in the Review Matrix No. REG-0037, of 11 February 2014, it was suggested to proceed to the approval and formalization of the amendment 1 of the regulation matter of this resolution, which recommends to approve and to officialize with the character of OBLIGATORY the MODIFICATION 1 of the Ecuadorian Technical Regulation RTE INEN 085 "FROZEN FRIES"; That in accordance with the Law of the Ecuadorian Quality System and its General Regulation, the Ministry of Industries and Productivity is the governing institution of the Ecuadorian Quality System; consequently, it is competent to approve and officialize with the character of REQUIRED, the MODIFICATION 1 of the Ecuadorian Technical Rule RTE INEN 085 "FROZEN CHIPS"; by publishing it in the Official Register, so that there is a fair balance of interests between suppliers and consumers;
By Ministerial Agreement No. 11 446 of 25 November 2011, published in the Official Register No. 599 of 19 December 2011, the Minister of Industries and
